Wednesday's Financial Winners & Losers

Ameris Bancorp ( ABCB) dipped after the Georgia-based bank announced it was buying Islands Bancorp for $70 million.

In the deal, shareholder of South Carolina-based Islands will receive $22.50 a share, or choose to be paid in a combination of cash and stock. Ameris expects the transaction to close later this year and enhance 2007 earnings. Shares were trading down 14 cents to $26.46.

The company said it now expects fourth-quarter revenue to tally between $86 million and $87 million. Wall Street analysts were predicting revenue of $83.6 million for the quarter that ended June 30. The company also upped its revenue outlook for fiscal 2007 to between $360 million and $365 million. Shares gained 55 cents, or 3.1%, to $18.43.

AmCOMP ( AMCP) gained after the Florida insurer beat Wall Street's second-quarter earnings, even though profits fell slightly from a year ago.

The company posted income of $5 million, or 31 cents a share, compared with $5.2 million, or 55 cents a share, a year ago. The Thomson Financial consensus had the company earning 28 cents a share.

The earnings beat overshadowed news about an internal investigation into the thoroughness of the company's disclosures to its auditor. The company's audit committee is investigating the matter. But to date, the committee has "encountered no evidence of any deficiency in the quality or scope of disclosures,'' the company said. Shares gained 16 cents, or 1.8%, to $9.51.

Progressive ( PGR) gained after the Mayfield Village, Ohio-based insurance company said July net income increased 3% to $148.8 million, or 19 cents a share. Net premiums written rose 2% to $1.43 billion and net premiums earned rose 2% to $1.37 billion. Shares gained 49 cents, or 2.16%, to $23.22.